Retail value: This is the price a dealer would sell your car for. The age, mileage and condition of your car are considered when calculating this amount.
Trade value: This is the amount you’d get from a dealer, if you were to trade your car in for another 1.
Market value: This is the price you’d be able to sell your car for, if you choose to sell it privately. To ensure a fair market value, the price is usually based on the difference between the retail and trade value.
As the king only has your best interests at heart, we recommend that you insure your car for its retail value. Why? Because if your car is then stolen or hi-jacked and not recovered, or written off, you’ll be able to replace your car with a similar make and model.
We know your car’s really precious to you, but when it comes to determining your car’s retail value, it’s all about what it’s worth in the Auto Dealers’ Guide. If your car isn’t listed in this guide, we’ll determine its value by using another suitable source.
Whether you insure your car for private or business use depends on what you use your car for. Here’s the lowdown:
Simply put, private use is for private and social purposes. This means that if you only use your car to drive to work and back, take your mom shopping on the weekends and drive to KFC for some sneaky takeaways, you need to go with private use.
If, however, your car forms an essential part of your work (meaning that you can’t make a living without it) you must opt for business use.
There’s also ‘occasional business use’, which includes private use with extra cover for the limited use of your car for business purposes such as buying stock or doing weekly deliveries. The general rule is that if you make more than 7 business trips in a month, you should rather go for full business use.
As a valued member of our kingdom, you can choose to add car hire to your policy for a small additional fee. You’ll then receive a hired car if your own car’s been stolen, hi-jacked or damaged and being repaired. This rental’s available until your claim’s finalised (max 30 days).
Remember, if you use a rental car while your car’s being repaired or replaced, you’ll need to cover the:
Collection and delivery fees.
Excess that’s applicable if the rental car is damaged or stolen while you have it.
Nope. Our telephonic conversations, your policy schedule and the King Price policy doc all serve as your legal agreement with us. That’s why we record all our calls (to protect your and our rights). So, you can get a quote, apply for cover, update your policy and submit a claim telephonically.
This refers to the first amount you (as a client) need to pay in the event of a claim.
You see, by entering into an insurance contract, both you and your insurer agree to do certain things. Paying your excess in the event of a claim, is part of your responsibility. Some claims may even require an additional excess before your claim can be settled. These amounts are all based on specific risks. And, when you compare it to the risk your insurer carries on your behalf, an excess is a teeny tiny price to pay.
When you’re insured with the king, you have the option of choosing your own excess. But remember, if you pick a lower excess, your premium will go up. And if you choose a higher excess, your premium will go down.
Ultimately you need to be able to afford to pay this amount in the event of a claim, so make sure it fits your budget.
Stats prove that security measures like alarms and tracking devices lower the risk of car theft or home burglaries. So if you take into account how much it would cost to replace your car or home contents, then installing a security device isn’t just a small price to pay… It’s also a no-brainer!
If we require you to have a car tracking device or an alarm it’s your responsibility to make sure it’s fitted and always in full working condition. No device/alarm = no cover.
This depends on how far you are from the towing operator, as well as their availability. But have no fear, all or towing operators have been hand-picked by the king to give you the royal service you deserve! But remember, if you don’t call us on our emergency assist line and only use a King Price-approved towing operator and storage facility, any towing or storage costs incurred, will be for your account.
In the case of roadside emergencies which occur within Namibia’s borders, our royal team will help you out of sticky spots 3 times a year (as long as your car or motorbike’s comprehensively insured with us).
When you’re insured with the king of price, your policy will be renewed once a year, on the date when your policy started. (This means that if you first took out a policy on 2 February, we’ll renew your policy on 2 February every year.) Once your policy’s been renewed, your comprehensive car insurance premium will start decreasing again.
Your renewal’s influenced by many different factors, like:
Your claims history.
The rising costs of repairs and replacements.
Changes in your policy (a different regular driver or address for instance).
A general increase in a specific type of risk. For example, if crime rates drastically increase in the area where you live, the risk for theft automatically goes up, which ultimately affects your premium.
Your premium’s adjusted every year to keep up with the rising costs of repairs and replacements as well as changes to your personal risk profile (which have nothing to do with your car’s value). Once we’ve tweaked your premium, however, it’ll decrease as usual if you’re comprehensively insured.